íàçâàíèå

Billionaire Investor Peter Thiel Touts Bitcoin as Digital Gold

Billionaire Investor Peter Thiel Touts Bitcoin as Digital Gold

The billionaire venture capitalist is doubling down on BTC, likening the digital coin to gold’s online equal.

Thiel touts the No. 1 cryptocurrency for its size and its ability to compete with gold as a safe haven, saying at the Economic Club of New York:

But with the exception of a few digital coins, Thiel remains neutral on the rest of the cryptocurrency pack. He didn’t dismiss the possibility that bitcoin could be surpassed by Ethereum or other altcoins that prey on the leading cryptocurrency’s weaknesses, but bitcoin’s strength is in its size.

Bitcoin controls more than 40% of cryptocurrency market cap compared to almost one-fifth for Ethereum, as per Coin Market Cap data cited in CNBC.

Silver and Gold

The PayPal founder and Facebook’s maiden major investor was clear that the direction he sees bitcoin headed in is as a store of value, not payments, the latter of which he characterized as a “cumbersome” application.

Similar to how Thiel believes in theory No. 2 Ethereum could overtake No. 1 bitcoin, it’s not likely to happen, just as silver has not managed to overtake leading asset class gold.

Thiel’s BTC Buying Spree

Meanwhile, Thiel’s bullish BTC prediction isn’t a slam dunk, with him placing the odds of bitcoin becoming worthless at between 50% and 80% compared to a 20% to 50% likelihood that the BTC price advances, falling short of providing any timeline for his theory.

But don’t let the percentages scare you, as Thiel’s venture capital firm Founders Fund has been scooping up BTC for the past six years. In fact, his firm has amassed between USD 15 million and  USD 20 million in bitcoin during that time,” according to reports.

The timing of Thiel’s prediction for bitcoin as a hedge for Armageddon was furtuitous after just a few days ago the hatch on a cargo plane in Russia somehow opened and spilled three tons of physical gold bars worth a reported USD 378 million onto a runway in Russia. Perhaps the universe is trying to say something.

Featured image from Shutterstock.

16.03.2018 / 13:44 72
Peter Thiel Is Long on Bitcoin, a “Deeply Contrarian Investment” Peter Thiel Is Long on Bitcoin, a
Paypal. Facebook. Linkedin. Yelp. Those are just a few of the companies billionaire venture capitalist Peter Thiel had an early financial hand in
Forget the price rout – Bitcoin and Ethereum fundamentals are moving forward Forget the price rout – Bitcoin and
The death of bitcoin is at hand if you believe what you read in much of the mainstream media. However, alongside the portent of doom there are
PayPals Peter Thiel: Longing Bitcoin Is Hedge Against World Falling Apart PayPals Peter Thiel: Longing Bitcoin Is
Peter Thiel has championed Bitcoins role in replacing gold, but also suggested its chance of being worthless is up to 80%. PayPal co-founder Peter
Cryptocurrency Continues to Slump, Bitcoin Remains Stable at $8,200 Cryptocurrency Continues to Slump,
The cryptocurrency market has continued to slump over the past few weeks, as both major and minor cryptocurrencies followed the price trend of
Peter Thiel is ‘Long Bitcoin’ and ‘Neutral to Skeptical’ of Everything Else Peter Thiel is ‘Long Bitcoin’ and
Tech investor Peter Thiel recently spoke at the Economic Club of New York, sharing his thoughts on why he is more confident in Bitcoin and shunning
Economic Club of New York: Peter Thiel Discusses Bitcoin and Silicone Valley, Amongst Other Things Economic Club of New York: Peter Thiel
Renowned venture capitalist and Bitcoin-enthusiast Peter Thiel, who is moving from the Bay Area to Los Angeles, said that rent prices in and around
Comments (0)
Add a comment
Comment on